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Intercept Pharmaceuticals to buy $39.9 million of 3.25% convertibles
By Mary-Katherine Stinson
Lexington, Ky., Sept. 13 – Intercept Pharmaceuticals, Inc. has announced an agreement reached in private negotiations with certain noteholders to repurchase $39.9 million of its 3.25% convertible senior notes for $38.1 million in cash, according to a company release.
With this purchase and other previously announced transactions, Intercept has reduced its principal balance from to $113.7 million from $460 million, representing 75% of the debt maturing in 2023.
Intercept Pharmaceuticals is a New York-based biopharmaceutical company that focuses on therapeutics to treat progressive non-viral liver diseases.
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